High risk life insurance for hazardous occupations entails about 10% of the adult male workforce. Most people in the work force have relatively safe occupations with little risk of getting injured or killed. These white collar people can be anything from office workers such as accountants, bankers and school teachers for example. Another class would be the blue collar occupations such as fork lift drivers, machinists, welders and auto mechanics. Also, plumbers, carpenters, brick layers, landscapers and many other other job descriptions.
Then you have the high risk category which would include such jobs loggers, roofers, farmers & ranchers. We can also include airplane pilots, commercial divers and electrical power line repairmen. These occupations contain the type of risk factors that could trigger a fatal accident.
High Risk life insurance is not just limited to serious pre-existing health conditions. This article is based on the folks with the high risk jobs. These types of jobs have the highest statistics for dangerous and even fatal job related accidents. Keep in mind that insurance companies work closely with statistics when setting up their rates. Choosing the best life insurance companies is a very important task. This will make the difference from having low rates to paying too much for your individual life insurance.
High Risk life insurance for hazardous occupations is a very common request in the United States.
Here is a basic list of the occupations that life insurance companies consider some of the most dangerous occupations.
• Logging workers otherwise known as Loggers & Lumberjacks.
• Commercial Fisherman working in the oceans.
• Airplane Pilots and Helicopter Pilots along with Flight Engineers.
• Roofers, especially the commercial roofer working with hot tar.
• Structural Iron and Steel Workers.
• Farmers and Ranchers including Agricultural Managers.
• Truck Divers, Drivers and Sales Workers.
• Construction Workers & Laborers.
• Electrical Power Line Repairmen & Power Line Installers.
• Refuse and Garbage Collectors.
All these occupations have one concept in common. They sometimes will be associated with higher premiums due to the added risk.
High Risk life insurance can still be very affordable to purchase. Especially when you are using an insurance companies that are less risk sensitive for the occupation in question. We have access to over 40 of the most competitive high risk life insurance companies to work with. This holds true to applicants with serious health conditions which will have the same effect as dangerous occupations. When it comes down to the final premium a dangerous job is similar to a medical condition. When we shop for high risk life insurance for hazardous occupations we will conduct a pre-screen. This is simply collecting some of the important details of one’s job. We then contact the most applicable companies to see who would make the very best offer to our applicant.
Choosing the most applicable life insurance company for the applicant occupation is extremely important. We need to make sure you are able to secure the very lowest rates possible. This is where a comprehensive list of life insurance companies come into the picture. All life insurance companies underwrite their applications differently. The internet has made it easy to find the best online life insurance quotes. Use our quote engine to compare the best life insurance rates from over 40 companies and see for yourself.
If a premium is increased to compensate for the increased risk, a “flat extra” fee will be applied.
A good example of a “flat extra” charge would be, a commercial diver that performs underwater welding. This is a good example of an occupation that has many hazards that could accidentally take a divers life. Our make believe diver Carl, wants to purchase a $500,000 face amount. It will be a 20 year Term life insurance policy with Banner Life in this example.
Carl is in very good health and would qualify for preferred rates with no problem. Carl’s premium would normally be $1,500.00 per year without the extra charge. If Carl receives a flat extra fee of $2.50 the charge would be $1,250.00 per year. Add that onto the standard premium and you have a total of $2,750.00 per year as a final premium. Keep in mind that many times there is no extra fee for the hazardous occupation. We use many companies with liberal underwriting that in many case do not charge extra.
If you purchase high risk life insurance with a flat extra charge, the fee can eventually be removed.
A flat extra fee normally ranges from $2.50 – $5.00 for every $1,000 of death benefit coverage. If you retire or change jobs and no longer have any dangerous exposure, the company can remove your additional charge. You do not have to keep paying your extra charge simply because the dangers are now gone. This is a very good feature that the best life insurance companies offer. You can simply contact your insurance company and explain you no longer have the hazards you once had.
Let’s look at an example of a hazardous occupation and how the charge is calculated as an example.
Here comes Carl again for a continuation of this example. Due to the fact that Carl is a commercial diver and has many hazardous exposures underwater. Banner Life will charge a flat extra charge of $2.50 for every $1,000.00 of life insurance coverage. The premium breakdown would look like this. The flat extra charge of $2.50 will be for every one thousand dollars worth of life insurance coverage. It would calculate like this would look like this, $2.50 X 500 = $1,250.00.
The flat extra charge of $1,250.00 is then added on to the standard life insurance premium of $1,500.00. Which would look like this, $1,500.00 (base premium) + $1,250.00 (flat extra fee) = $2,750.00 for the total premium per year. The flat extra charge is based on how dangerous the occupation really is. This is based on a case by case basis to be fair to everyone buy life insurance.
Low cost Term life insurance will always be your smartest choice for the best life insurance rates.
Sometimes the life insurance company in question will not add on a flat extra fee. They could instead just change the rate class from Preferred to Standard Plus. Or from Standard Plus to Standard which will usually cost less than a flat extra fee would. What they will actually do is going to vary with the insurance company itself. Most of the companies have their own way of doing this. But the typical flat extra charge will be the most common way to charge for a high risk occupation. You can even purchase life insurance with no medical exam. You can receive some of the best life insurance rates with no medical exam. We use Lincoln National quite a bit because they come through with some of the best life insurance rates.
How do you shop for high risk life insurance and make sure you get the lowest rates possible?
The best way to find the lowest rates and secure the lowest premium after you are approved by the insurance company is. Make sure to connect with a life insurance broker that specializes in high risk life insurance. The main concept is to seek out the assistance of a independent life insurance broker. You want one that works with an arsenal of competitive companies. Working with a captive agent such as State Farm, Country Companies or Farmers is going to be a costly mistake. The captive agents have only one company to show you and that one company will never be competitive. Companies like I just named above never are competitive because they are essentially auto insurance companies.
Their auto and homeowners rates may be acceptable but their life insurance rates never are. This is due to the fact that these companies I just named are essentially auto insurance companies. Life insurance is just a sideline to them and their rates prove it. You need to be looking at competitive companies like Banner Life, Protective Life, SBLI, Transamerica and a few others. Using the correct company for your specific situation is critical if you are looking for the lowest possible premium. The best life insurance companies usually offer the lowest rates.
Shopping the market for high risk life insurance requires experience and an arsenal of competitive companies.
Comparing high risk life insurance for hazardous occupations on a modern life insurance quoting engine is very simple. But only after the pre-screen do we know what the most logical rate class will be. This is a specialized form of life insurance that takes extra time and experience on the brokers part. The good part is that there is no cost to the applicant.This is due to the fact that they never have to pay any fees to the agents and brokers.
The life insurance companies compensate the agents for their time. If a person has a hazardous job that places them in a high risk rate class. They should consult with an experienced agent right from the beginning and not waste any valuable time. We have well over 20 years helping clients find to lowest premiums. Along with having their life insurance with a very stable and highly rated life insurance company. A given company today may offer the best life insurance quotes, but a year from now that could change. That is why quoting engines are so valuable. We can shop the market for the best online life insurance quotes within minutes and quickly find the best rates.
Contact us 7 days a week for immediate life insurance quotes over the phone with no cost or obligation.
Anytime an individual shops around for any products or services. There will always be a little confusion involved if they do not have much experience. A good experienced life insurance agent can fix that problem quickly. Trying to compare Term life insurance quotes for hazardous occupations is a specialized field. This is where a life insurance specialist will be needed to locate the best life insurance product and spend. Plus spending the least amount of money. This type of insurance is what we work with on a day to day basis.
Our normal hours are 9:00 am to 9:00 pm 7 days a week. Shopping for high risk life insurance for hazardous occupations is a simple process with the right people helping you. Don’t hesitate to contact us to get immediate answers to your questions. Thank you for taking the time to read this article. Read our About Us page to learn more about us and our business.